With interest rates rising, a financial investment expert is urging Canadian homeowners to "dig into that mortgage," warning some who assume they are locked into a fixed rate may actually have a hybrid mortgage.
"You might be thinking you're fixed," Kelley Keehn, a personal finance educator, told CTV News Channel on June 1, "but you may actually have a large part of your mortgage that is variable." A hybrid mortgage combines elements of fixed-rate mortgages and variable-rate mortgages, and Keehn says she's increasingly hearing from homeowners who don't realize they're now susceptible to rising rate hike increases.
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